Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVNA	CARVANA CO	1,819,090	$572K	8.3%	$408.48	0.0%	CL A	146869102
CRWV	COREWEAVE INC	7,097,527	$550K	8.0%	$91.48	0.0%	COM CL A	21873S108
MKSI	MKS INC.	1,538,789	$354K	5.1%	$225.13	0.0%	COM	55306N104
GLW	CORNING INC	2,544,734	$346K	5.0%	$111.68	0.0%	COM	219350105
CPNG	COUPANG INC	16,037,845	$303K	4.4%	$19.86	0.0%	CL A	22266T109
TCOM	TRIP COM GROUP LTD	2,329,290	$116K	1.7%	$0.05	—	ADS	89677Q107

Increased Positions (6)

SNPS SYNOPSYS INC 15.3%

Value $1.059M (-99.9%) Shares 2,670,532 (+25.6%) Est. Cost $496.92 Unrealized -5.1%

FUTU FUTU HLDGS LTD 9.1%

Value $625K (-99.9%) Shares 4,572,746 (+35.6%) Est. Cost $68.31 Unrealized —

NVDA NVIDIA CORPORATION 13.1%

Value $902K (-99.8%) Shares 5,174,466 (+80.1%) Est. Cost $186.36 Unrealized +0.1%

SE SEA LTD 5.8%

Value $403K (-99.9%) Shares 4,870,097 (+44.4%) Est. Cost $56.74 Unrealized —

AS AMER SPORTS INC 3.9%

Value $272K (-99.9%) Shares 8,268,605 (+8.9%) Est. Cost $37.06 Unrealized +3.1%

GRAB GRAB HOLDINGS LIMITED 3.1%

Value $217K (-99.9%) Shares 59,304,024 (+6.2%) Est. Cost $5.36 Unrealized -16.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNPS	SYNOPSYS INC	2,670,532 (+25.6%)	$1.059M (-99.9%)	15.3%	$496.92	-5.1%	COM	871607107
FUTU	FUTU HLDGS LTD	4,572,746 (+35.6%)	$625K (-99.9%)	9.1%	$68.31	—	SPON ADS CL A	36118L106
NVDA	NVIDIA CORPORATION	5,174,466 (+80.1%)	$902K (-99.8%)	13.1%	$186.36	+0.1%	COM	67066G104
SE	SEA LTD	4,870,097 (+44.4%)	$403K (-99.9%)	5.8%	$56.74	—	SPONSORD ADS	81141R100
AS	AMER SPORTS INC	8,268,605 (+8.9%)	$272K (-99.9%)	3.9%	$37.06	+3.1%	COM SHS	G0260P102
GRAB	GRAB HOLDINGS LIMITED	59,304,024 (+6.2%)	$217K (-99.9%)	3.1%	$5.36	-16.2%	CLASS A ORD	G4124C109

Exited Positions (1)

PDD PDD HOLDINGS INC 5110.5%

Value $353M Shares 3,109,525 Est. Cost $132.17 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD HOLDINGS INC	3,109,525	$353M	5110.5%	$132.17	—	—	722304102

Decreased Positions (4)

EDU NEW ORIENTAL ED & TECHNOLOGY 3.7%

Value $257K (-99.9%) Shares 4,532,665 (-9.8%) Est. Cost $69.51 Unrealized —

YMM FULL TRUCK ALLIANCE CO LTD 2.6%

Value $181K (-99.9%) Shares 21,791,354 (-8.3%) Est. Cost $11.24 Unrealized —

LITE LUMENTUM HLDGS INC 2.1%

Value $143K (-99.9%) Shares 203,942 (-70.1%) Est. Cost $256.82 Unrealized +81.9%

TER TERADYNE INC 2.2%

Value $150K (-99.9%) Shares 506,070 (-51.0%) Est. Cost $171.50 Unrealized +55.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EDU	NEW ORIENTAL ED & TECHNOLOGY	4,532,665 (-9.8%)	$257K (-99.9%)	3.7%	$69.51	—	SPON ADR	647581206
YMM	FULL TRUCK ALLIANCE CO LTD	21,791,354 (-8.3%)	$181K (-99.9%)	2.6%	$11.24	—	SPONSORED ADS	35969L108
LITE	LUMENTUM HLDGS INC	203,942 (-70.1%)	$143K (-99.9%)	2.1%	$256.82	+81.9%	COM	55024U109
TER	TERADYNE INC	506,070 (-51.0%)	$150K (-99.9%)	2.2%	$171.50	+55.0%	COM	880770102

Unchanged Positions (13)

ATAT ATOUR LIFESTYLE HLDGS LTD 1.9%

Value $131K Shares 3,552,677 Est. Cost $19.95 Unrealized —

QFIN QIFU TECHNOLOGY INC 1.2%

Value $82,915 Shares 6,422,510 Est. Cost $22.24 Unrealized —

NIO NIO INC 1.1%

Value $79,244 Shares 13,141,609 Est. Cost $7.62 Unrealized —

— H WORLD GROUP LTD 1.0%

Value $67,383 Shares 50,000,000 Est. Cost $1.31 Unrealized —

PONY PONY AI INC 0.6%

Value $39,086 Shares 4,140,447 Est. Cost $21.51 Unrealized —

NTES NETEASE INC 0.2%

Value $16,529 Shares 147,655 Est. Cost $89.21 Unrealized —

— GRAB HOLDINGS LIMITED 0.0%

Value $2,279 Shares 29,482,900 Est. Cost — Unrealized —

RLX RLX TECHNOLOGY INC 0.3%

Value $17,383 Shares 7,901,172 Est. Cost $1.61 Unrealized —

LANV LANVIN GROUP HOLDINGS LIMITE 0.1%

Value $6,795 Shares 4,500,000 Est. Cost $9.13 Unrealized -82.0%

PRE PRENETICS GLOBAL LTD 0.1%

Value $6,688 Shares 346,150 Est. Cost $4.83 Unrealized +274.2%

RBOT VICARIOUS SURGICAL INC 0.0%

Value $62 Shares 86,666 Est. Cost $6.64 Unrealized -65.9%

PRENW PRENETICS GLOBAL LTD 0.0%

Value $21 Shares 1,166,666 Est. Cost $0.29 Unrealized —

LANV/WS LANVIN GROUP HOLDINGS LIMITE 0.0%

Value $11 Shares 1,000,000 Est. Cost $0.30 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ATAT	ATOUR LIFESTYLE HLDGS LTD	3,552,677	$131K	1.9%	$19.95	—	SPONSORED ADS	04965M106
QFIN	QIFU TECHNOLOGY INC	6,422,510	$82,915	1.2%	$22.24	—	AMERICAN DEP	88557W101
NIO	NIO INC	13,141,609	$79,244	1.1%	$7.62	—	SPON ADS	62914V106
—	H WORLD GROUP LTD	50,000,000	$67,383	1.0%	$1.31	—	NOTE 3.000% 5/0	44332NAB2
PONY	PONY AI INC	4,140,447	$39,086	0.6%	$21.51	—	SPONSORED ADS	732908108
NTES	NETEASE INC	147,655	$16,529	0.2%	$89.21	—	SPONSORED ADS	64110W102
—	GRAB HOLDINGS LIMITED	29,482,900	$2,279	0.0%	—	—	CALL	G4124C909
RLX	RLX TECHNOLOGY INC	7,901,172	$17,383	0.3%	$1.61	—	SPONSORED ADS	74969N103
LANV	LANVIN GROUP HOLDINGS LIMITE	4,500,000	$6,795	0.1%	$9.13	-82.0%	SHS	G5380J100
PRE	PRENETICS GLOBAL LTD	346,150	$6,688	0.1%	$4.83	+274.2%	SHS NEW	G72245122
RBOT	VICARIOUS SURGICAL INC	86,666	$62	0.0%	$6.64	-65.9%	COM CL A	92561V208
PRENW	PRENETICS GLOBAL LTD	1,166,666	$21	0.0%	$0.29	—	*W EXP 05/18/202	G72245114
LANV/WS	LANVIN GROUP HOLDINGS LIMITE	1,000,000	$11	0.0%	$0.30	—	*W EXP 01/14/202	G5380J118